Coinbase – a digital currency trading platform based in San-Francisco – is allegedly considering adding an exchange-traded fund for Bitcoin (BTC) to its platform. With respect to this, the firm is seeking expertise from BlackRock Inc. – the largest global investment management company in the world.
Coinbase to Launch an ETF for Bitcoin (BTC)
Exchange-traded platforms for Bitcoin (BTC) are a trending topic in the crypto space at the moment. All eyes are on the SEC (Securities and Exchange Commission), waiting to see if they will decline or approve Bitcoin (BTC) ETF applications filed by a lot of investment companies.
Coinbase apparently doesn’t want to be left out in the trend or allow its rivalries get a competitive edge, and they are allegedly prepared to explore an exchange-traded fund for Bitcoin (BTC). The digital currency trading platform currently offers several services and products to both institutional and retail investors.
Coinbase Taps the Industry Expertise of BlackRock
Coinbase held several meetings with the executives from the blockchain division of BlackRock, in the hopes of getting valuable industry expertise and insight from a company that is deeply embedded in the exchange-traded fund space, according to a report. According to the report, BlackRock did not give any “concrete recommendations” to Coinbase, and it’s not clear yet if the two companies will pursue a crypto ETF together.
Coinbase Joins the Battle for an Exchange-traded fund for Bitcoin (BTC)
Coinbase will now be in the same arena with Gemini – a digital currency trading platform based in the U.S owned by the Winklevoss twins – and others in the fight to get an ETF for Bitcoin (BTC) approved by the U.S SEC.
Bitcoin (BTC) Price Today – BTC / USD
At the press time, Bitcoin (BTC) is trading at $6,500 after an increase of less than one percent over the past twenty-four hours. The largest digital currency in the world by market cap currently boasts of a market cap of $112.18 billion and its trading volume over the past twenty-four hours is $4.01 billion.